Assembling Your Real Estate Investing Team!!

Assembling Your Real Estate Investing Team!

There are several important things you need to be successful in real estate investing, one of which is a great team. I'm going to talk briefly about who should be on the winning team:

1. Mentor(s) - every successful entrepreneur needs good mentors, not necessarily paid mentors especially at first. By training under the watchful eye of someone smarter and more experienced than us, we can only get smarter, and make less mistakes. Start at your local investment club/meetups, or other investors you meet within your local market. Research their background and experience before depending on everything they teach you, and especially before paying for Mentoring.

2. Mortgage Broker - you want someone who has the experience of working with other investors. They need to be very creative and current with all the lending options!

3. Banker – in addition to a Mortgage Broker, it’s a good idea to have a good business banker who understands your business, and works with you along the way. Sometimes this is the same person, and others it’s not.

4. Real Estate Attorney - it is really important to have someone on the team who can go through contracts, and who knows the legalities of all your moves.

5. Escrow Officer or Title Rep - having a good one on the team helps to close deals that much quicker. You always want people looking out for YOUR best interests. I require all of my deals to be closed through my choice of Escrow Officer. If a buyer or seller on one of my deals want to use theirs, I say that’s fine if they’re paying all closing fees, and I explain to them due to the volume of deals I do, my Escrow Officer can speed deals through the process, and also I get a discounted rate on the fees.

6. Accountant - Preferably a CPA (Certified Public Accountant). Your numbers guy should also be well aware of the ins and outs of real estate. Come tax time, this is the one to help you through the write-offs!

7. Insurance Agent - It is always better having an insurance rep who you work with on all of your business, and that is looking out for you.

8. General Contractor - The good contractor seems like the hardest one to find, but can often make or break your profit margin. You want someone who gets things done on time and under budget!

9. Supportive Family & Friends - Having the support and backing of loved ones can be very beneficial in any endeavor, but is not always possible. Distance yourself from those who are negative towards your business talk. Building a successful business is difficult enough already, you do not need more negativity in your life.

Other Optional Team Members:

10. Realtor/Broker - someone keeping an eye out for you. Its good to have one Realtor/Broker who you work with, if you’re not a Licensed Realtor/Broker yourself. They will bring you deals, can show your properties, and can be used as your Buyers Agent on MLS listed properties.

11. Acquisitions/Dispositions Person – as you grow, you may want to hand off who works your leads either on Acquiring deals, or on Disposition of deals when selling/wholesaling. At first this can be one person, but its better to have it separated as you grow, or have one person do one role, while you do the other.

12. Property Manager - someone to watch over your investments. At some point, as you grow your portfolio, you will probably want to outsource your property management. A good one is very important, and be sure to compare all the hidden fees.

13. Great Handyman - Someone to take care of the little things that come up on a daily basis.

14. Private Money Lenders – friends, family, or acquaintances who have liquid capital available and would be interested in funding deals for a fair return.

15. Hard Money Lender – company that provides capital for real estate deals, on short-term gaps up to 12 months typically. They charge higher interest rates, but only care about the deal being good. Its wise to get set up with them ahead of doing deals, that way the process is fast whenever you need them.

Conclusion…

Assembling your real estate investing team will not happen overnight, but once together, they will give you the backing and help you'll need to make your real estate investing dreams come true.. #Team #Scaling

That’s my 2 cents, which isn’t worth a penny!

Good Selling!! Keep Grinding!! Follow me on social media for daily motivation.
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Disclaimer: Author is not an Accountant, Attorney, Financial Advisor, Tax Advisor, Broker, or Agent. This is for general information, and not tax or investment advice. Readers should do their own due diligence and seek professional counsel prior to making any kind of tax changes or investments.